In our final installment, we will be looking at some parlay wagers in addition to wagers typically offered in Sweden. In addition, we are going to look at a way to 'upgrade' the Exacta to appeal to novices. The parlay wagers are interesting in they allow fractional wagering and have the potential to increase the handle as once the bets are made, they are locked in. You will see two types of parlays, one for the gambler who is more risk adverse; the other for the ones that go for it all.
For those that missed either or both of the previous entries, here are links to first and second installment of this piece.
POKER BET WAGER - A combination parlay. For this example you are wagering a four race poker bet. The bettor selects the four races. In each of the races, you may pick the winner or a quiniella. Let's assume you are wagering on races 1-4. The proceeds of each leg are invested in the subsequent leg.
For this illustration 'X' means the proceeds of the prior leg multiplied by the payoff of the next leg (all payoffs are based on a dollar wager). Four horse parlay: Races 1X2X3X4 (1 combination); Three horse parlay: Races 1X2X3, Races 1X2X4, Races 1X3X4, and Races 2X3X4 (4 combinations); Two horse parlay: Races 1X2, Races 1X3, Races 1X4, Races 2X3, Races 2X4, and Races 3X4 (6 combinations). As long as one of your two horse parlays wins, you collect. A $1 Poker Bet would cost you $11 (11 combos).
The only problem with the Poker Bet Wager as currently used is the fact it included the quiniella, a wager people tend to avoid. However, if it can be modified to allow the gambler to select a Win wager or an Exacta, it should be workable. The beauty of this wager is that it is bet into existing pools and has a great potential to increase handle. As you can see, the Poker Bet is a conservative way to play a parlay.
ALL IN PARLAY WAGER - A parlay you win only if all your selections come in. You may use win and quiniella wagers. You decide the number of races to include. The proceeds of each leg get wagered on your selection in the next leg. If you lose one leg, you do not collect. Once again, due to the hatred of the quiniella wager, it would need to include the exacta as an option. Unlike the Poker Bet, the All In Parlay is not for the feint of heart.
Hedge Wager - Before we go to the Swedish wagers, I would like to offer a way to possibly increase play in the Exacta. Let me introduce the Hedge Wager. The hedge wager is actually a betting strategy for the exacta, but rather than intimidating newbies to the races, it provides an easy to understand way for them to wager on the exacta and back up their wager. Let's say a bettor decides they want to play the 1-2 exacta. If they play the Hedge wager of 1-2, 2/3 of their wager would be put into the exacta pool as 1-2 and 1/3 of their wager would be put into the excta pool as 2-1. This way, if they have the right two horses for the exacta, they still collect something of the order is switched. The payoffs would be based on the exacta payoffs, since it is wagered into the same pool.
Let's say a $2 Exacta of 6-8 paid $72.00. If someone wagered using a hedge wager, the $2 Hedge wager of 6-8 would pay $48 and the $2 Hedge wager of 8-6 would pay $24.
Now, let's take a look at the Swedish wagers.
V3 WAGER - To win the V3 a bettor must pick the winner of three designated races; making your selection before each designated races as you go. It is very similar to the Pick-3 except since you wager as you go, the chances of having to deal with a late scratch is reduced. The only problem with this wager is that gamblers at the track would need to exchange tickets. For those who bet through computers, it would be much easier to handle.
V64 WAGER - To win this wager, you need to select the winners of six designated races and you collect if you have four, five, or six winners. If you have four winners, you collect the dividend for having four winners. If you have five winners, you collect the dividends for having five and four winners. If you select all six winners, you get all three dividends.
V65 WAGER - Same as the V64 instead there are no dividends for having four winners. Winners of five races collect their dividend and winners of all six races collect dividends for having six and five winners.
V75 WAGER - The much talked about answer to racing's problems. Typically held once a week at a designated track. The object is to select the winners of the seven designated races, but there are dividends for five and six winners. Unlike the V64 or V65, you only collect one dividend. The total pool is divided as 40% plus any carryover to the bettors who have all seven races; 20% to the bettors who have six winners selected; 40% to the bettors who have five winners selected. If the dividend for having five winners is under a specified amount, there is no payoff and the money is added to the carryover pool the following week. Of course, one of the key advantages of the V75 is the ability of people to go to their lottery agents and make wagers; something which is not possible at this time in the United States. Could this wager work in North America without the ability to sell tickets through lottery agents? That is the million dollar question.